Hyundai India has announced that the prices of its existing line-up will increase by 2% from June 2018. Hyundai has cited the increase in inputs cost due to an rise in commodity prices, fuel prices and freight rate as the reason for the overall hike. Hyundai is the first company to announce the price hike. Other manufacturers may follow the suit in the future.
Rakesh Srivastava, director – sales & marketing, Hyundai Motor India Ltd. said,
“We have been absorbing the increase in input costs with increase in commodity prices, freight rate increase with hike in fuel prices and also the increase in custom duties of certain components. We are now constrained to pass the same to customers in our products with increase up to two per cent from June 2018,”
While all the cars in the line-up including the Eon, Grand i10, Elite i20, Verna, Elantra and Tucson will get a price hike, Hyundai has not increased the price of the newly launched Hyundai Creta. Hyundai hiked the price of the base petrol version of the Creta in India but the price of the base diesel remains exactly the same as the outgoing version. The price of the Creta is also not introductory and will not change based on the number of the bookings or sales in the future. Hyundai often announces introductory prices for the newly launched vehicles in India to initially push the sales.
The 2% price increase will make all their vehicles costly but the maximum price hike of Rs. 50,000 is expected on the top-end version of the Tucson. This is the second time that the Korean brand is hiking prices in India, this year. Earlier, the manufacturer had increased the prices of their cars by 2% in January.
Hyundai is the second largest carmaker in India after Maruti Suzuki. The brand plans to launch an all-new hatchback in the market codenamed the AH2 that may bear the “Santro” brand name when launched.